Spectral AI, Inc. (MDAI) AI Stock Analysis

Spectral AI, Inc. is an artificial intelligence company based in Dallas, Texas, specializing in the development of predictive medical diagnostics. Its primary focus is advancing healthcare through solutions that enhance treatment decisions, especially in wound care such as burns and diabetic foot ulcers. The company's core offering is the DeepView System, which integrates AI-Burn to combine AI algorithms with multispectral imaging to assess wound healing potential objectively and immediately. Spectral AI also develops the DeepView SnapShot M, a portable, handheld, wireless diagnostic tool designed for emergency care, first responders, government facilities, and home healthcare settings.

Between FY2021 and FY2025, revenue achieved a 4-year compound annual growth rate of 6.6%, moving from $15.2M in FY2021 to a peak of $29.6M in FY2024 before dropping 33.6% to $19.6M in FY2025. Gross margin has remained steady, reaching 45.4% in FY2025 compared to 46.3% in FY2021. However, operating margin stood at -43.8% in FY2025, and net income was -$7.6M with an EPS of -$0.31. In the trailing twelve months ending June 30, 2026, revenue totaled $15.4M with a quarterly revenue decline of 30.4% year-over-year, alongside a net profit margin of -65.5% and an EPS of -$0.32.

As of June 30, 2026, Spectral AI held $14.0M in cash and short-term investments against total debt of $16.3M, resulting in net debt of $2.3M. Total assets stood at $19.4M, while shareholders' equity was -$12.1M, representing negative equity. The company reported a current ratio of 0.90. Cash flow remained negative, with operating cash flow and free cash flow both at -$9.9M in FY2025. In addition, the company's share count increased by 1.4% over a 5-year period.

MDAI trades at a market capitalization of $48.6M and an enterprise value of $55.7M. The stock trades at a forward P/E of 52.4x, which is above the 17.3x forward P/E median of its US-listed Healthcare peers. Its price-to-sales ratio is 3.2x, below the peer group median of 4.1x, while its enterprise value-to-revenue multiple is 3.6x. Over the past year, MDAI shares declined 38.6%, lagging the 16.8% return for the S&P 500 benchmark SPY. Over 5 years, the stock is down 84.5% compared to an 83.0% gain for SPY.

Wall Street coverage includes 1 Strong Buy rating, 0 Buy ratings, and 0 Hold or Sell ratings. The mean price target is $5.11, which implies an upside of 238.6% from the last close of $1.51 on October 16, 2026. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $18.5M and an EPS of -$0.47. For the following fiscal year, 3 analysts project revenue to expand 75.0% to $32.4M with an EPS of -$0.31. Spectral AI beat EPS estimates in 2 of the last 4 quarters, and its next earnings date is November 10, 2026.

This page is an AI-written research summary of Spectral AI, Inc. (MDAI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: MDAI income statement, MDAI balance sheet, MDAI key metrics, MDAI analyst forecast, MDAI chart. See the MDAI stock overview for the latest quote and news.